Probe Metals Inc. is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with Mattagami and Flying Post First Nations in relation to Probe’s West Porcupine Project near Foleyet, Ontario.
The MOU establishes a commitment by Probe to develop a productive and cooperative relationship and to engage in ongoing consultation with the two First Nations in the area of the Company's West Porcupine Project. The agreement also provides the communities with an opportunity to participate in the benefits of the project through employment, training and business development.
David Palmer, President and CEO of Probe, states "We are looking forward to working with both Mattagami and Flying Post First Nations on our West Porcupine project. Their contribution of local knowledge will be invaluable in helping us create a socially responsible exploration program that will benefit the Communities, the project and the Company as we move forward. Probe is committed to sustainable development and this MOU represents the first step in building strong relationships with local stakeholders.”
On Behalf of the Wabun Tribal Council, the Executive Director Jason Batise commented “We are pleased to announce our completed MOU with Probe. The Agreement will allow our First Nations to continue to grow with respect to education, employment, collaboration with Probe on environmental matters, and investment into our communities. David and his team truly understand the importance of meaningful engagement with First Nation communities on whose homelands they are exploring. We look forward to working with Probe for years to come."
Under the terms of the MOU, the Company will issue 25,000 common shares and 50,000 options to each of the two First Nations communities. Each option will be exercisable into one common share at $1.76 for a period of 5 years, subject to vesting requirements. These share and option grants recognize the ongoing contributions of the First Nations communities and will allow each community to directly participate in any potential successes of the Company.
The securities are subject the approval of the TSX Venture Exchange.